Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q3 2018 Earnings Presentation
23 slides from Royal Vopak Nv's earnings presentation, Nov 5, 2018
Slide 1: Vopak Interim Update Q3 2018 Results – Analyst Presentation
5 November 2018 Vopak Interim Update Q3 2018 Results – Analyst Presentation Gerard Paulides - CFO of Royal Vopak
Slide 2: Forward-looking statement
Forward-looking statement This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the
Slide 3: Key messages
Key messages Strategic Direction YTD Q3 2018 Performance 2017-2019 ‘Vopak delivers solid performance and commissioned first phase of Capture new industrial terminal in Pengerang, Malaysia’ growth YTD Q3 EBITDA of EUR 554 million, adjusted for adverse currency translation Spend EUR 750m effects of
Slide 4: YTD Q3 2018 vs YTD Q3 2017 EBITDA
YTD Q3 2018 vs YTD Q3 2017 EBITDA Adjusted for adverse currency translation effects EBITDA was EUR 3 million higher than prior year 570.5 20.2 553.6 550.3 16.7 2.4 14.5 6.6 0 10.1 YTD Q3 FX-effect Adjusted Asia & Europe & LNG Americas China & Global YTD Q3 2017 YTD Q3 Middle East Africa North Asia f
Slide 5: Q3 2018 vs Q2 2018 EBITDA
Q3 2018 vs Q2 2018 EBITDA Q3 2018 performance normalized; Q2 2018 included a EUR 10 million positive one-off item in Asia & Middle East and EUR 6 million one-off costs items 182.7 180.7 179.9 0.8 8.0 5.7 2.5 1.8 2.8 1.6 Q2 2018 FX-effect Adjusted Asia & LNG Americas China & Europe & Global Q3 2018 Q
Slide 6: Divisional segmentation
Divisional segmentation Europe & Africa and Asia & Middle East impacted by oil hub weakness; Americas and China & North Asia benefit from strong chemical and gas markets Europe & Africa Asia & Middle East Americas 90 90 86 83 86 90 88 89 86 85 90 90 88 89 89 80.8 85.2 80.8 74.5 77.2 66.3 66.5 65.2 6
Slide 7: Development key figures
Development key figures Solid financial performance, although occupancy rate at the lower end of the cycle Occupancy rate* EBITDA** In percent In EUR million 176 193 190 181 183 89 89 87 85 86 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 2018 2018 2017 2017 2018 2018 2018 ROCE** Net profit*** In per
Slide 8: Cash flow overview
Cash flow overview Investment momentum driven by growth project phasing towards 2019 YTD Q3 2018 YTD Q3 2017 497 477 38 458 32 445 180 183 278 262 47 7 222 206 28 100 CFFO Tax & other CFFO Sustaining, FCF Growth Other Free Cash CFFO Tax & other CFFO Sustaining, FCF Growth Other Free Cash (gross) ope
Slide 9: Q3 2018 exceptional items
Q3 2018 exceptional items IAS 19 Defined contribution plan Deconsolidation Venezuela In July, Vopak formalized the agreement regarding Vopak will continue to operate the company in line a new pension plan that qualifies as a defined with Vopak standards contribution plan under IAS 19 The incom
Slide 10: Growth projects
Growth projects PT2SB starts operations LPG & chemical gases Industrial terminal PT2SB in Pengerang, Malaysia, Vopak and its partner Reatile will invest in a new commissioned first phase with initial 700,000 cbm LPG import and distribution terminal with an of capacity initial capacity of 15,000
Slide 11: Portfolio developments
Portfolio developments Focus on 4 strategic terminal types Vlissingen German LNG 9,200 cbm RIPET Open season completed Botlek Deer Park 96,000 cbm EETPL 63,000 cbm 138,000 cbm PT2SB 151,000 cbm Sebarok Panama Richards Bay 1,496,000 cbm 67,000 cbm PITSB 360,000 cbm 15,000 cbm Merak Lesedi 430,000 cbm
Slide 12: Fuel Oil and bunkering network
Fuel Oil and bunkering network Terminals will be fully ready to support new market requirements in 2020 Hamburg Conversion: Rotterdam Rail infrastructure Rotterdam Conversion Fujairah Estonia Hamburg Los Angeles Strategic review Algeciras Expansion: Singapore Panama Singapore Expansion Fujai
Slide 13: Non-IFRS proportionate information
Non-IFRS proportionate information EBITDA Occupancy rate Capacity In EUR million In percent In CBM million IFRS BASED 571 554 90 86 35.9 36.7 Non-IFRS proportionate information provides YTD Q3 YTD Q3 YTD Q3 YTD Q3 YTD Q3 YTD Q3 2017 2018 2017 2018 2017 2018 transparency in Vopak’s EBITDA Occupancy r
Slide 14: Key messages
Key messages Strategic Direction YTD Q3 2018 Performance 2017-2019 ‘Vopak delivers solid performance and commissioned first phase of Capture new industrial terminal in Pengerang, Malaysia’ growth YTD Q3 EBITDA of EUR 554 million, adjusted for adverse currency translation Spend EUR 750m effects of
Slide 15: Looking ahead
Looking ahead • The financial performance in 2018 is expected to be influenced by currency exchange movements of primarily the USD and the SGD, and changes in the oil market structure, impacting occupancy rates and price levels in the hub locations • Given the 3.2 million cbm expansion program to be
Slide 16: Questions & answers
The world’s leading independent tank storage company building Questions on an impressive history of more & answers than 400 years
Slide 17: Q3 2018 Interim update
For more information please contact: Upcoming events: Investor Relations contact: Capital Markets Day 2018 Laurens de Graaf, Head of Investor Relations Houston, Texas, US Telephone: +31 (0)10 400 2776 27 November 2018 e-mail: investor.relations@vopak.com Media contact: Publication of 2018 annual res
Slide 18: Europe & Africa developments
Europe & Africa developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q3 2018 90 90 86 86 157.7 165.8 158.9 155.8 2.3 83 153.2 13.7 million cbm Subsidiaries 11.4 Joint ventures & associates Operatorship Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 201
Slide 19: Asia & Middle East developments
Asia & Middle East developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q3 2018 90 88 89 86 85 79.7 81.8 80.2 77.2 76.4 3.3 4.2 14.1 million cbm Subsidiaries 6.6 Joint ventures & associates Operatorship Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 20
Slide 20: China & North Asia developments
China & North Asia developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million Total Q3 2018 77 79 0.7 69 70 73 4.2 million cbm 8.4 8.6 7.9 7.4 7.2 Subsidiaries 3.5 Joint ventures & associates Operatorship Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 2018 2018 20
Slide 21: Americas developments
Americas developments Storage capacity Occupancy rate* Revenues* In million cbm In percent In EUR million 0.1 0.5 Total Q3 2018 88 89 90 90 89 69.3 68.4 71.5 70.3 66.8 3.9 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorship Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 2018 2018 201
Slide 22: JVs & associates developments
JVs & associates developments Net result JVs and associates* Europe & Africa* Asia & Middle East* In EUR million In EUR million In EUR million 26.1 25.4 25.0 26.9 23.8 14.1 12.4 9.6 0.9 7.7 6.6 0.5 0.6 0.2 -0.1 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2017 2017 2018 2018 2018 2017 2017 2018 2018
Slide 23: EBITDA to Net profit overview
EBITDA to Net profit overview YTD Q3 2018 YTD Q3 2017 EBITDA 553.6 570.5 Depreciation and amortization 200.9 203.1 EBIT 352.7 367.4 Net finance costs 57.8 75.5 Income tax 56.9 50.7 Non-controlling interests 27.3 30.0 Net profit to holders 210.7 211.2 of ordinary shares EPS 1.65 EPS 1.66 Figures in E